Hindustan Copper share price plunged more than 7% in intraday deals on Tuesday, 25 August, as the offer for sale (OFS) to divest a 3% stake in the PSU company kicked off. Hindustan Copper shares opened at ₹540 against their previous close of ₹573.55 and dropped 7.2% to an intraday low of ₹532.40.
The PSU stock suffered strong losses as the Indian government is looking to sell up to a 6% stake in the company through the OFS at a floor price of ₹514 per share. The floor price represents a 10.45% discount to Hindustan Copper's closing price of ₹574 on the NSE on Monday.
Based on the floor price, the proposed 6% stake sale is valued at around ₹ 3,000 crore, according to Mint calculations. Hindustan Copper shareholdingBSE shareholding data shows that the Indian government held a 66.14% stake in the company at the end of the June quarter of this year (Q1FY27).
The proposed OFS could reduce the government's holding, depending on the final extent of the stake sale. Retail shareholders collectively hold a 23.1% stake in the PSU. Mutual funds hold around 1% of Hindustan Copper.(This is a developing story. Please check back for fresh updates.)